November 16 (SeeNews) - Romanian real estate developer Meta Estate Trust [BSE:MET] said on Wednesday that it booked a net profit of 3.7 million lei ($786,899/754,609 euro) in the first nine months of 2022, compared to a net loss of 699,266 in the like period of last year.
The company's net turnover increased by 150% year-on-year to 3.8 million lei during the nine-month period, Meta Estate said in an unaudited financial report filed with the Bucharest Stock Exchange.
Meta Estate achieved an operating profit of 2.3 million lei during January-September, compared to an operating loss of 694,657 lei in the same interval of 2021.
The company's assets amounted to at 95.8 million lei at end-September, up 34% from the end of 2021.
"The projects in the portfolio performed according to our expectations, despite the difficult and especially unpredictable context faced by the real estate market in Romania" said CFO of Meta Estate Trust, Raluca Dragan in a separate company press release.
In 2023, the company plans to launch a crowd-funding platform dedicated to the real estate sector, which would offer an alternative solution to investors in the field.
"We expect that the crowd-funding platform will open our access to a new profile of investors locally, but also from outside the country, who will be able to benefit from the superior yields that can be obtained in Romania through an increasingly popular method all over the world," said CEO of Meta Estate Trust, Oriol Casellas Deig.
Meta Estate Trust is a Romanian real estate company established in 2021. Since its formation, the company has invested over 17 million euro ($17.7 million) in 24 real estate projects.
Its shares last traded at 0.96 lei on November 11 on the AeRO market of the Bucharest Stock Exchange.
(1 euro=4.9032 lei)